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| 50A Irrelevant provisions |
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50A Irrelevant provisions Notwithstanding the provisions of section 3 (1) (b) a registrar shall not examine any provisions relating to a bond which are not relevant to the registration of the bond. [S. 50A inserted by s. 12 of Act 57 of 1975.] 51 Requirements in case of bonds intended to secure future debts (1) No mortgage bond or notarial bond attested or registered after the commencement of this Act shall be of any force or effect for the purpose of giving preference or priority in respect of any debt incurred after the registration of such bond, unless- (a) it is expressly stipulated in the bond that the bond is intended to secure future debts generally or some particular future debt described therein; and (b) a sum is fixed in the bond as an amount beyond which future debts shall not be secured by the bond. [Sub-s. (1) substituted by s. 14 of Act 27 of 1982.] (2) If a mortgage bond or notarial bond purports to secure payment by the mortgagor of the costs of preserving and realizing the security or of fire insurance premiums, cost of notice or bank exchange, such costs and charges shall not be deemed to be future debts within the meaning of sub-section (1). |
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